Erin Nicole Davis is a born and raised Toronto writer with a passion for the city and its urban affairs and culture.
For more than two years the GTA real estate market – from new builds to resale – has been on a downward trajectory. Has that finally changed?With its record-breaking highs and lows, the Greater Toronto Area real estate market has been one crazy roller coaster ride in recent years.
, since 2022, municipal fees rose by an average of $42,000 per unit on low-rise developments and $32,000 on high-rise units. On average, municipal fees now add $122,387 to the cost of a condominium and $164,920 to the cost of a single-family home in the GTA, according to the report. September's stats, released last week, however, show renewed signs of life in the residential housing market -- in some respects, at least. The GTA's home sales hit 4,996 in September, 21 more homes from August still but down from July's 5,391 sales. From an optimistic lens for potential sellers,did represent an 8.5% increase from September 2023. According to TRREB, September's slight uptick is largely the result of interest rate cuts and mortgage lending reforms.
The condo market, however, is a different story, she says. “More buyers are starting to come to the market, but it’s not enough to absorb the six months of inventory we have,” says Morrison. “I think the condo market will be flat for a few months before we start to see things turn around.”, who sells real estate throughout the GTA for Harvey Kalles, points to a notable difference in outlook between buyers and sellers.
Like many areas of the GTA Jafrey says the biggest cause for concern in the market is the ongoing uncertainty around interest rates and their impact on affordability.“As for whether we've reached the bottom, it's difficult to say definitively,” says Jaffrey. “While there are signs of stabilization, particularly in suburban areas where buyer interest is picking up, market conditions are still highly sensitive to external factors like government policy and housing supply.
“Further rate cuts will help, but consider the starting point – new condo sales in the first half of the year were at a 27-year low, so I don’t think we’re getting back to normal anytime soon,” says Hildebrand.
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